Author Archive: Willie Cole

The working group of people, in a well-established company, might find that the management they work with is actually having a breezy affair, with everything moving so well!!! But in reality, what you see is a smaller picture of the large framework. Business is not all that easy as you may think!

Though it’s not easy, it’s not something impossible too! all you need is some fixed plan and strategy to work out and the determination and a goal to achieve! The process is really hard initially, but as you get the hang of it, it will become smooth and a sort of fixed income will start to flow. In case you are a new start-up business, then you will need some tips on how to manage that newly found love and efficiently work with it.

Knowledge is wealth:

For any person, this would apply good, and for a businessman, this should be followed. Knowledge is something you can’t do anything without! You need to have knowledge about the field of business you are entering in. especially when it’s regarding finances, your expertise subject, experiences and your work, managing a business is a multitasking! You need to take care billing, purchasing, supply and demand management and finances as a whole, though you might hire people, initially to understand and manage everything, you must be involved in these transactions and for that, you need to understand the basics.

So, learn everything at an entry level. Learn to read a balance sheet, the essential components in it, the company policies framing, learn how to introduce your company into stock markets so that in further expansions you can rely on this as a source of income.

Put a line to Business and Personal finances:

Always hold separate accounts for your business and personal needs. ensure that you don’t mix them up, rather keep the expenses and the income separately so that you have a detailed account of what the expenses were to run a business and what should be your next move, to either decrease expenses or increase the earnings and so on!

Cost cutting policy:

As being in a start-up you are sure to face some cash crunches initially(Read as 2-5years) depending upon the field that you choose, so save for those rainy days. Keep cost-cutting at every option, reduce wherever possible initially. Make sure that these cash crunches never come in between your deliverables, so save enough for the smooth transition of products and deliverables.

People who have tried trading online have always come back to tell me that their fears were so misplaced. Most of them also came to me with grievances of losing chunks of their hard earned money but then they returned back smarter.

You only dispel the darkness of ignorance by reading:

Like everything else, a trader why desires to enter online trading and want to do well here must begin with a thorough study of what options are available to him in the first place.

The internet is resourceful; however, you will need discretion:

Not everything that is there on the World Wide Web is resourceful and completely true. No surprise there. There are people who write positive and negative reviews and testimonials just for the heck of it even without trying the software out for themselves. There are also people who sell their fake reviews and testimonials and there is a high chance that at least five out of ten testimonials across the internet are not genuine but doctored.

Having said that we cannot undermine the fact that to become a trader who has the complete knowledge about what trading is. That will come with reading extensively about it. There are chances that a naïve trader may get scammed even but the best approach is to treat it as a learning curve.

If you are someone who has adopted online trading because you want to earn big time, log off immediately. It is common knowledge that the earnings from trading on such a medium can best be termed as supplementary in nature. It cannot give you so much for so little that is expected from you.

It is beneficial in the long run:

Consistent profits on a daily basis can mean that at the end of a particular period you can expect to see a good balance sheet. Every drop an ocean makes. Do not underestimate the power of daily earnings however small they be. The cumulative effect can create ripples.

Perhaps you can save and afford to buy something that you wished you could from the salary that you draw from your day job but just could not because we all know how the salary almost vanishes even when we enter the month’s third week!

This will help you make your ends meet. Believe me, at one time I may have been a skeptic too. Today I help people overcome their past bad experiences and encourage them to give it one more try and on a known legit platform. It, not the winning that matters always but never giving up does!

As the world has become technologized, everything has become online and without an internet connection, nothing can be done. For business use, the internet is a very essential one because there will be a lot of things to do like emailing, video calling with the online clients and much more. So, the internet plays a vital role in the business field and it is very important to make use of it in a proper way as there are many chances of misusing it. We should be very careful while using it. Let us discuss how important the internet for a business and in what are all the ways it helps to bring up the business.

Marketing:

As we all know marketing and advertising is the most important things for the development of a business. This can be done with the internet by giving some digital advertisements in the familiar websites and so the people when they use those websites, they will be seeing our ads on that page. This will help us to get more and more clients for businesses. Because when we give marketing for our business, the reach among the people will be very high and obviously they will come forward to know about us. This will make to enhance our business in an easy way.

Communication:

In earlier days there were no phones at all and so there were many possibilities for miscommunication. But now there will never occur any miscommunication as we are in a trending technology world. When we have a stable internet connection, we can easily send emails to our colleagues or employees regarding our work and we can even talk to our onsite clients through the video calls applications like Skype. So, if we have any queries or doubts, we can immediately solve it by making an internet call to them. So, we can easily reduce the mistakes and grow up our business easily.

Storage:

The information storage has become so easy with the internet. There is an electronic storage device which will save all the needed important records in it and we can retrieve it whenever and wherever we want to. This is really an excellent advantage for us because as we were using papers to record everything, we would have missed many important files and folders. But here, the chance of missing is very less and the files will miss only when we do not save it properly.

Conclusion:

Thus conclude that internet plays a great role in the life of many businessmen and I can say it is really a boon for all of us.

The customers are the main pillars of support to make our business a great success. So, the customer satisfaction is a very essential thing to run the business without any distractions. Every customer will have some expectations in their minds and they want us to fulfill it by delivering their products on time without any delay in the exact way they wanted. It is in the hands of the customers to make the businessmen reach the top level in the market among the other businessmen. Though the businessmen have much experience, sometimes we ourselves do not know how to fulfill their needs. So, let us have some tips on how to fulfill their needs and make them happy and satisfied.

Know about them:

The first main thing needed for it is to gather the information about the customers like what actually want to purchase with us and how regularly they will reach us. So that we can be ready with their products on time and we can also make ourselves to do based on their lifestyle and ideas. So, better try to collect more details from the customers.

Understand the needs:

We need to enquire their actual needs and try to understand it in a proper way so that we can make it more accurately without any mistake. If we have any doubts about their needs, we should clarify with them so that it will be very useful for us to start working on it.

Meet the needs:

Once we understand their needs, we can start giving out our best and it is our duty to meet their actual needs so that they will approach us next time for the other products or services. We should offer them more than what they expected and they should feel wow for what we have given them.

In case if we are unable to provide them with what they needed, we cannot leave it easily. We have to verify where we have done wrong and what should be changed in ourselves. So that we will not do the same blunder again and again for all the times.

Follow up:

Follow up is the most important thing needed to fulfill their needs because the customers expect the businessmen to have perfect communication with them to know the date and time of delivery and much more.

Conclusion:

Thus conclude that we should always try to fulfill and meet the expectations of the customers. Then only we will get a brand name in the market and we will have the chances of getting more and more clients.

A professionally-managed fund which helps in pooling the savings of investors and investing that money in various securities like bonds, shares, commodities and short-term instruments in the money market is known as a mutual fund. All the investors in the mutual fund have the same financial goals and their money gets invested in varied asset classes depending on the investment objective of the fund. The biggest advantage of the mutual fund investments is that it promotes a small amount of money and investors gain from it as their money gets managed by finance professionals.

You can earn some extra money to invest in mutual funds through trading of cryptocurrencies. All you want to learn about it can be viewed here.

The mutual fund investments are managed actively by professional fund managers. The funds get diversified to offset the potential losses. They are one of the best options for investing your money as it does not require your constant attention or there is no high fees attached to it. It is the best choice for people who do not have the knowledge or time to make complex and traditional investment decisions. Once you put the money in the mutual fund, you will be permitting the fund manager to make the decisions for you.

Different types of schemes available

Close-ended fund- These funds have a specific maturity period of 3-6 years. When it gets launched initially, these funds will be open for a particular period for a subscription. All the funds will be listed on the recognized stock exchange.

Open-ended funds- These funds are available for subscription on a continuous basis and also can be redeemed any time. Throughout the year, it would be available and the investors could sell or buy the units at their NAV related prices. There will be no fixed maturity date for these funds. The main feature of the open-ended fund is its liquidity.

Interval funds- These funds combine the close-ended and open-ended funds. The interval funds get traded on the stock exchanges. They are open for redemption or sale on prevailing NAV price at pre-determined intervals.

Based on investment objectives, the different types of mutual funds available are:

Whenever we start a business, we always reach out to different people who can be potential clients for us in time to come. Some of them are placed locally while others reside in different countries on the globe. Your main idea here is to bring together all these people belonging to different geographical areas and sell them one single concept of your business for your and their own betterment. Now how you would go about doing this and achieving your objective would be the main question and it will only be answered through the strategies you formulate for the same.

When speaking of marketing, email marketing is one of the ideas that have proven to be very beneficial for all kinds of upcoming as well as existing businesses. No matter the person you are sending an email to is already your client or you are targeting them to join your team as a loyal client, you create your emails in such a way that they are bound to fall for the products and services you are offering them. Since this method holds a lot of power to attract the attention of buyers, experts say that there are several things one must try to avoid while sending cold emails to potential clients. Want to know what they are? Keep reading.

Things to avoid while cold emailing

Here are some of the factors and actions that you must not include or implement while sending a cold email to your target clients.

Do not keep it too lengthy: It is very important for you to ensure that your email is short, sweet and informative. If the email would have way too much information, the reader would get irritated and thus disinterested in reaching you out to avail your services.

Don’t be just a salesperson: Ensure to be yourself instead of just being a salesperson trying to sell a commodity. Try to touch the sensitive side of your clients and make them realize how your products and services can improve their quality of life.

Add value: Make sure there is some useful value added to the email. The clients should understand how the upcoming products and services can become an integral part of their life.

Keep the main hook in mind: Remember to not beat around the bush and stick to the main point. Stay hooked to your prime idea and ensure that the reader also understands your emotion behind it.

In addition to these, you can also gather some useful information online on how to get the best cold emailing techniques by approaching reliable cyber mentors for perfect guidance.

Commodity futures contracts are the contracts that are committed to accept or make delivery of a pre-determined quality and quantity of a commodity on a specific date at a pre-determined price. The commodities that are traded in the exchange are supposed to deliver the goods at contract price and will not take into consideration the current prices that are prevailing in the market. Other than this market, you can also explore the cryptocurrency market to diversify your funds so that the risk and return get balanced. Read more about the cryptocurrency trading here.

An efficient and effective market for commodity trading futures requires:

A large number of sellers and buyer with different risk profiles such as speculators, arbitrageurs, and hedgers

Price volatility in underlying commodities

Underlying physical commodities should be exchangeable

Features

Organized- Always the commodity futures contracts are traded on the organized exchange.

Eliminates counterparty risk- The commodity future exchange uses the service of clearinghouse to ensure that all the terms and conditions are fulfilled. These clearinghouses help in eliminating any risk that arises when any one of the party defaults.

Standardized- The commodity futures contracts are standardized with quantity, quality, and delivery date as they are all pre-determined.

Facilitates the margin trading- In these contracts, you don’t have to mention the entire contract value. You are required only to mention the margin which will be roughly about 5 to 8% of the total contract value. The margin will be different for commodities and exchanges.

Regulates the market environment- The future contracts help in regulating the market and it ensures that all follow the rules set by the exchange. Also, the government closely regulates this market.

Physical delivery- The actual delivery of commodity will be made only on the expiry of the contract. The members are required to provide the exchange with delivery information.

Participants in the commodity market

Hedgers- They are the consumers and producers of the commercially traded commodities. They take part in trading by managing the risk of the sports market.

Arbitrageurs- They are the traders who make money taking advantage of the differential pricing across different markets.

Speculators- They take part in trading with the sole intention of earning money by speculating the future price movement. They do not prefer to accept or make actual deliveries of commodities. They liquidate their trading positions before the contract expires.

In order to take part in commodity trading, you need to have a thorough knowledge of the market

Consumers, today, have become much more technologically advanced than they were a decade back. This is why your usual business scenario has become way more competitive and you are required to upgrade yourself and your business with changing times. Innovation in business is, thus, the need of the hour. In the midst of a million other entrepreneurs, you need to have an edge to stand out and make a difference. Innovation helps you attain that difference and boosts your productivity and efficiency.

However, not many business owners invest in innovation because they are apprehensive of the consequences. Innovation in business does not have to be a huge change but could also be small and simple differences that benefit your company in the longer run.

Here are 4 reasons to invest in innovation today.

Boost sales and relationship with customers

If you have been selling the same products and services for the last ten years, then it is likely that your sales have dropped or will start dropping very soon. Everyone is innovating and upgrading and you ought to do the same. Investing time and money in modifying your services will make new and existing clients notice the change and take interest in your work. One example could be to introduce a survey of sorts that would involve your customers in the process of reviewing your work and suggesting improvements.

Cut down costs

When you cut down waste, you eventually cut down costs. This holds true in almost all forms of businesses. There are few areas that you could focus on like cutting down on too many machines, improving work productivity by utilizing the time of the employees, getting rid of bottleneck situations and improving your margin of profit. You can hire an expert in efficiency to inform you of new ways to cut down costs in your company.

Improve your position in the market

When you are innovative, you are naturally better placed in the market. The difference between you and 10 other entrepreneurs selling the same thing will make people want to buy your product. When you are innovative, you also study market trends more efficiently. If you are looking for innovation ideas then you can study market trends in other countries.

Happier employees

Your employees will love their work if their workplace is innovative. Innovation will keep your employers boosted and will eventually reduce workplace attrition. In turn, you could expect more innovation since rejuvenated minds host the most creative ideas.

When want to start a new firm, getting started with the things required can be hectic. From managing the flow of money consistently to hiring the best team there are several things that one needs to take care of. Which might seem like a problem at first, but once you have sorted the things out and implement some sort of strategies to make things easier and faster, over time your business will start running smoothly.

Hiring people to work for you might sound easy but finding someone who is the best among the lot is a task. Moreover making sure that they stay as a part of your business is an even more difficult task to achieve. However, for every problem, there is a solution that you can find and so does hiring people.

The key lies in posting your ad. Just saying that you want someone to help you with your business or you need some help is not going to work. Instead, you can be more precise and mention specific things that you need like, the qualification, specific duties they need to do, minimum wages. By doing so you will be able to save a lot of your time since the pre-specified requirements will help the candidates with these qualities only will apply for the job as your ad will have all the things required to get hired in your company. They will also have a brief idea of what work they will be doing every day. Upon shortlisting, your needs to start hunting for the right candidate.

When you have shortlisted the candidates, you can have a walking interview. In this way, you can show your candidates what kind of environment they will be working in. Begin with the interview by asking job-related question and questions that are relevant to what the candidate is expecting, past experiences, about their dedication and what is their long-term plan. Behaving like a person who has great power is not advised; instead, you can behave like someone who is looking for an associate to assist you to run and grow your company.

Search for references that are real and not some people your candidate has as their neighbor. Take reference from people who will serve dedicatedly to their work ethic and to their full potential. After all, this, if you have finalized to hire a candidate, ask them what would it take for the company so that they can stay in the company for the long term before offering them the job.

Since providing invoice will lead to payments in the future, you can make receiving payments faster by sending the invoice faster. Since typically after 30 days the payments are made, make sure to send the invoice in less than fifteen days which will leave you with another 15 days to notify your customer about the bill if they are late in making the payments. In this way, you will be able to get payments before the following month’s bills that you need to pay. Along with this, however, many businesses are demanding that the payments should be made immediately after the project is completed. In this world where everything is digitalized, it will not be a big deal to ask for payments immediately as customers can make payments for the invoices from their cell phones.

Another way to manage cash flow is by working the same strategy on the other side of your business that is by requesting your vendors to send you their invoices on 45, or 60 or 90 days. In this way, you will have enough time to receive payments from your customers and pay your bills. In this way, you will be able to establish a better relationship with both the customers as well as the vendors and upon explaining the strategy they also will find it convenient to work with you.

Hiring people to work is a challenge

It is not the people who are looking to work fear the interviews, but it is the entrepreneurs. When you are hiring people to work for you, this task takes many days and a lot of your time as well. The process of evaluating the resumes, conducting the interviews, screening through a lot of candidates who do not qualify for the job in order to find that one proper candidate all take a lot of time and energy. Upon finding that one gem, making an offer of a package that will be attractive so that they will get on board so that they will stay on board for a long period of time.

What you can do to reduce the time consumption and energy is be clear about your requirements like, the qualification required for the job, what will be their duties, number of hours they should work and days and finally what is the wages they will be getting for that particular work and other types of benefits.